Does anybody know if these cuts in the last two days are just isolated incidents or part of something larger that's coming?
5 replies (most recent on top)
Rick Wurster is a one trick pony. Cutting costs is his hammer and the employees are the nails. Why try to build a better product when you can cut your way to growth? It’s sad when actual innovative companies like Robin Hood and Altruist are eating Schwab’s lunch. It’s also sad when Schwab is last to market on a number of items and still delivers a worse product. See fractional shares, direct indexing, DAF accounts, Teen Accounts, Crypto, robo advisory for a few examples. All while Rick gets hard talking about how chatbots are going change things for Schwab. GTFOH
Not just that, they completely underestimated the expected compensation in GCC. Plus last year they signed contract with vendor's that would allow schwab to hire some % of folks from vendor (they where d-mb enoughti sign it). So there is that. Overall things don't look too good for US based employees for coming year.
All these layoffs are to counterbalance GCC hiring, why are u surprised? Last year when they announced GCC, did you all think this was just additional money being spent? A 30% savings target for VAR spending - with GCC. This 30% saving did not account for overhead management needed at GCC, so the management hires in India are counterbalanced by layoffs here.
Three things are now certain: Death, Taxes, and Schwab layoffs!
i know lot of folks are laid off and guess what all H1s are protected